LLP Income Tax Return (ITR)

Every Limited Liability Partnership (LLP) must file an Income Tax Return (ITR-5) annually, irrespective of profit or loss. We ensure accurate computation, tax audit assistance (if required), and timely filing to avoid penalties.

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What is LLP ITR?

Limited Liability Partnerships (LLPs) are taxed at a flat rate of 30% (plus surcharge and cess). Filing ITR-5 is mandatory by 31st July (for non-audit cases) or 31st October (for audit cases). It helps in carrying forward losses and claiming refunds.

Benefits Explained

Loss Carry Forward

Business losses can be carried forward for 8 years only if the ITR is filed on time.

Loan Approval

ITR acknowledgments are the primary documents required by banks for processing business loan applications.

Avoid Penalty

Late filing attracts interest under section 234A and a late fee up to ₹5,000 under section 234F.

Tax Refund

Claim refund of excess TDS deducted by clients. The refund is processed only after ITR verification.

Documents Required

Financial Statements Balance Sheet & P&L Account
Bank Statements For the financial year (Apr-Mar)
TDS Certificates Form 16A or Form 26AS
Digital Signature DSC of Designated Partner (Mandatory)
Audit Report If turnover > ₹40 Lakhs or Contribution > ₹25 Lakhs

Filing Process

1

Bookkeeping

Finalization of accounts and preparation of financial statements by our experts.

2

Tax Computation

Calculation of total income and tax liability after claiming eligible deductions.

3

Verification

Verification of data with Form 26AS and AIS/TIS to ensure accuracy.

4

Filing ITR-5

Uploading the return on the Income Tax portal using the Digital Signature (DSC).

Frequently Asked Questions

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